Natco Pharma up 5% as SC stays Novartis hearing
Natco Pharma shares were up 4.76 per cent at Rs 118.80 on Tuesday with the Intellectual Property Appellate Board Monday adjourning the hearing on patenting Novartis’ blood cancer drug Glivec.
By INDIATIMES NEWS NETWORK |
MUMBAI: Natco Pharma shares were up 4.76 per cent at Rs 118.80 on Tuesday with the Intellectual Property Appellate Board Monday adjourning the hearing on patenting Novartis’ blood cancer drug Glivec.
This follows a Supreme Court stay on the Madras High Court’s order that ruled the Intellectual Property Appellate Board can hear Novartis’ patent rejection appeal without a technical committee.
Despite this, shares of Novartis were up 1 per cent at Rs 330.
Natco Pharma had appealed to the apex court against the Madras HC ruling saying a fair decision on the Novartis appeal cannot be taken without a technical expert on the board.
Ranbaxy Laboratories, Cipla and Sun Pharmaceuticals and several patient groups are also opposing Novartis’ move to patent Glivec in the country.
Novartis had appealed against the appointment of former controller general of patents S Chandrasekharan as technical member on the IPAB panel, following which the Madras High Court ruled that a two-member bench consisting of chairman and vice-chairman can hear the appeal instead of the official three-member panel.
This follows a Supreme Court stay on the Madras High Court’s order that ruled the Intellectual Property Appellate Board can hear Novartis’ patent rejection appeal without a technical committee.
Despite this, shares of Novartis were up 1 per cent at Rs 330.
Natco Pharma had appealed to the apex court against the Madras HC ruling saying a fair decision on the Novartis appeal cannot be taken without a technical expert on the board.
Ranbaxy Laboratories, Cipla and Sun Pharmaceuticals and several patient groups are also opposing Novartis’ move to patent Glivec in the country.
Novartis had appealed against the appointment of former controller general of patents S Chandrasekharan as technical member on the IPAB panel, following which the Madras High Court ruled that a two-member bench consisting of chairman and vice-chairman can hear the appeal instead of the official three-member panel.
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